Peapack-Gladstone files $8M pre-foreclosure against City Skyline, second this month

Peapack-Gladstone Bank filed an $8 million pre-foreclosure action against affiliates of City Skyline Realty, the second such action the lender has filed against the landlord this month. City Skyline Realty is among the largest owners and managers of multifamily buildings in the city, with at least 45 buidlings, 1,277 residential units and 1 million square feet of space, according to a PincusCo analysis of city records.

The new action is to initiate a foreclosure on the $8.075 million loan the bank provided in 2019, secured by 295 West 150th Street, a 33-unit walkup building in Harlem with 30,624 square feet of built space, according to a PincusCo analysis of city data.

Court filings represent the position of one party and are not necessarily accurate or complete.

The parcel has frontage of 57 feet and is 137 feet deep with a total lot size of 7,727 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.3 million.
According to the complaint, “The Mortgaged Property is owned as tenants in common by 295 LLC holding a 81.308% undivided interest, Lykos 48 holding a 9.346% undivided interest and Peterson Capital holding a 9.346% undivided interest… The Borrower is in default under the Loan Documents for, among other things, its failure to make timely monthly payments due under the Loan Documents since at least May 1, 2023…”

Peapack-Gladstone filed its first case against City Skyline Realty on June 6, related to a $10 million loan secured by the 61-unit 2710 Morris Avenue.

Direct link to the property’s ACRIS page and link to DOB NOW portal.